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FOR IMMEDIATE RELEASE
July 1, 2011
Contact: Bryan Hubbard
OCC Extends Comment Period on Deposit-Related Consumer Credit Products Guidance
WASHINGTON — The OCC submitted a notice to the Federal Register to extend the comment period on proposed guidance for deposit-related consumer credit products. The comment period has been extended 30 days to August 7, 2011.
The proposed guidance addresses concerns related to product disclosure and enrollment; legal compliance; program availability and prudent eligibility standards; prudent limitations on product costs and usage; ongoing monitoring and risk assessment; and management oversight. Appendixes to the proposed guidance illustrate the application of these principles to two specific consumer credit products—automated overdraft protection products and deposit advance products.
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